Russian Dy PM Manturov calls for "use of national currencies...friendly countries" to minimize "currency risks"

New Delhi [India], April 17 : Russian Deputy Prime Minister and Minister of Industry and Trade, Denis Valentinovich Manturov on Monday asserted for the possibility of "wide use of national currencies and currencies of friendly countries" to "allow the minimization of expenses and currency risks."

Addressing the Russia-India Business Dialogue, Manturov said, "Resolving the issue of smoothness of mutual settlements could give another impetus for trade and industrial cooperation. Within the framework of the intergovernmental dialogue, we propose to consider the possibility of the wide use of national currencies and currencies of friendly countries. This will allow the minimization of expenses and currency risks."

Manturov is on a two-day visit to India to intensify negotiations on Free Trade Agreement with India and work on the signing of the Russia-India Bilateral Agreement for the Promotion and Protection of Investments.

"I am sure that trade preferences and mechsms that guarantee the protection of investments will be in demand among Russian and Indian businessmen," said the Russian Dy PM.

Speaking on transport and logistics infrastructure as one of the most important tasks, Manturov said, "India could become one of the key partners within the framework of the development of the International North-South Transport Corridor. Also, we believe that it is important to expand direct air connectivity -this is a necessary condition for regular exchange of business delegations and increase of mutual tourist flow."

He said that these agendas will be covered in Intergovernmental Commission and will be discussed at the session tomorrow. A plenary meeting of the intergovernmental commission (IGC) will be held on Tuesday, following which the co-chairs will sign the final protocol of the 24th IGC meeting.

Manturov also said he is looking forward to receiving additional suggestions after today's informal interaction between Russian and Indian compes.

"Taking this opportunity, I would like to point out several platforms for our further business contacts. We invite our Indian partners to visit the international industrial exhibition INNOPROM, which will take place on 10-13 July in Ekaterinburg. I think you might also be interested in participating in foreign sessions of INNOPROM in Uzbekistan (Tashkent) at the end of April, and in Kazakhstan (Astana) in September this year. And certainly, we expect the Indian delegation at the St Petersburg International Economic Forum in June and at the Eastern Economic Forum in Vladivostok in September," he said.

The Russian Minister of Industry and Trade further extended gratitude to the Federation of Indian Chambers of Commerce and Industry and the Russia-India Business Council for assistance in the orgzation of today's event - Russia-India Business Dialogue.